1) When it's on standby, you can use it as a watch, but slide to unlock it and you can check email on your iPhone via Bluetooth.

2) It'll be a remote for your Apple TV.

3) You'll be able to connect to other people like Dick Tracy, some Facetime feature might be included.

4) The iWatch will be a mini TV.

The new Apple products debut in June every year so be on the lookout of the iWatch and possibly the iPhone 6? My guess is they'll have the iPhone 5S. Since Steve Jobs' passing, the guys at Apple seem to always "S" it up the newer models before going to the next number.